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15th March 2016, 09:34 AM
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Join Date: May 2012
Re: Capital Gain Account Punjab National Bank

Punjab National Bank is an Indian multinational banking and financial services company. It is a state-owned corporation based in New Delhi, India.

It was founded in 1894 and has over 6,300 branches and over 7,900 ATMs across 764 cities

As per your demand here I am providing you detailed information of the Capital Gain Account Scheme -1988

-With the introduction of Capital Gains Accounts Scheme 1988, assesses can avail the benefit of exemptions from Capital Gains only if the amount of Capital Gain or net consideration is deposited on or before their (tax payers) due date of filing return of income.

-There will be two types of deposit accounts under the scheme:

-Deposit Account-A :This account will be in the form of Saving Fund Account and the depositor will be provided with a Pass Book, giving the details of receipt, payments and interest paid on deposit as well.

-Deposit Account-B: This account will be in the form of Term Deposit Account and depositor will be issued a deposit receipt. Term Deposit Account can be both Cumulative as well as Non-cumulative on quarterly basis.

-Deposits in the accounts can be made in cash, by crossed cheque or by draft in lump-sum or in instalments at any time on or before the due date of the filing of Income Tax Return.

-Both the accounts, i.e., Account-A and Account-B can be transferred from one deposit office to another deposit office of the same Bank.

-Withdrawal from the account: A depositor having Account-A, at any time after making initial deposit, can apply on Form ā€˜Cā€™ with Pass Book for the withdrawal of the amount from the balance in Account-A, subject to other provisions of the Scheme.

-A depositor intending to make withdrawal from his Account-B shall first get his account transferred in his account-A, and then may withdraw the amount in the same manner as stated above. If it is premature transfer, the interest will be adjusted as explained above.

-The withdrawal for more than Rs.25,000/-, will be allowed through cross demand draft in favour of the person to whom the depositor wants to make payment.


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